TravelCenters of America LLC announced the completion of its previously announced acquisition of certain assets of Quaker Steak & Lube (“QSL”), for approximately $25 million, not including working capital adjustments, inventory, and other closing costs.
Tom O’Brien, CEO of TravelCenters, says, “We are pleased to welcome Quaker Steak & Lube into the TA Restaurant Group and to bring the brand’s famous wings, iconic automotive-themed décor, and original sauces to customers across the country. We expect to grow Quaker Steak & Lube into a nationally recognized brand principally by franchising and licensing, but we also expect to add the brand in selected existing facilities and to be opportunistic regarding the possibility of acquiring additional locations.”
John Ponczoch, senior vice president of the TA Restaurant Group, says, “We are pleased to add the Quaker Steak & Lube brand to our operation. We welcome all of our new employees, franchisees, licensees, and customers. We intend to continue all of the programs that made Quaker Steak & Lube popular and to improve upon its success.”
The QSL assets purchased include 10 locations, which will be operated as Quaker Steak & Lube restaurants by the TA Restaurant Group. The acquisition also includes 40 locations operated by franchisees or licensees. A list of these locations is attached as Exhibit A.